The Cryptocurrency Market Is Recovering – Ripple (XRP) and TRON (TRX) Are Leading Gains
Following a 44% market capitalization wash-off over the past 3-4 days
Markets took a breather on January 18th
While the past week has seen the cryptocurrency market slump from a $750 billion market capitalization to a $417 billion in market cap by January 17th (a 44% wash-off), and Bitcoin (BTC) plunging below the $10,000 mark, the markets finally took a breather on January 18th. The day saw most price change charts turn green from red.
Ripple (XRP) Leading Gains Among top 10 Cryptocurrencies
As of 11:30 AM UTC on January 18th, Ripple (XRP) had recovered by a good 44% over the past 24 hours, leading gains amongst the top 10 cryptocurrencies (by market cap), followed by Stellar (XLM) which was up 37% over the same period. NEO and NEM followed closely at +31% and +30% 24h price change, respectively.
BitConnect (BCC) & Tron (TRX) Are Leading, Overall
The overall market picture looks even glossier, with cryptocurrencies BitConnect (BCC), TRON (TRX), and MediBloc (MED) up by 314.4%, 87%, and 86.8% respectively over the past 24 hours. While the short-lived crypto slump did do its part in initiating panic selling, it also brought with it the opportunity to buy at a bargain. Certain cryptocurrencies were seen trading at an over 60% discount to their ATH (all-time-high) levels, providing good opportunities for bargain hunters to dive in.
Who Let the Bulls Out?
What remains a mystery is what exactly drove market sentiment so low that the markets began thinking along the lines of a bubble burst. One opinion is that hedge funds that had a good amount of Bitcoin Futures contracts maturing on that very day (January 17th) played their game well by driving down prices to cash in on healthy profits when their contracts matured at the fixed, higher contract price. The other wonders how it could possibly lead the entire cryptocurrency market sentiment to turn bearish, if it was just one currency’s futures (BTC) in the mix.
Please do drop us a line (in the comments below) to let us know what you think led the market to a slump by January 17th? And what got the bulls running again?
Image Credit: Deposit Photos